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China To Extend Property Tax Later This Year


The National Development and Reform Commission has confirmed that the pilot property tax presently operating in Shanghai and Chongqing will be extended to other cities in China later this year.

China introduced the pilot tax on luxury residential properties in Shanghai and Chongqing last year, as part of the government’s effort to try to bring under control the rapid increases that have been seen in the country’s real estate prices.

The original statement last year by the Ministry of Finance advised that a property tax on the residential sector was necessary for the sound working of the property market, an equitable distribution of income and for restructuring the economy. It was then also confirmed that the government expected that, eventually, it would be rolled out nationally.

In fact, while in Shanghai, the first city in which the tax was trialled, property tax is payable only by owners of properties where purchases are completed after its introduction, existing owners in Chongqing are also required to pay the tax applicable to the value of their properties

However, given its current low rate, and the fact that it only applies to a small percentage of the residential property market, it is expected that the government will wish to study the effect of the property tax pilot before deciding on the appropriate structure to be rolled out in other cities.

Source: http://www.ocra.com